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The cryptocurrency mining industry is igniting a revolution in computing power! Who has the potential to become the next CoreWeave?
Under the influence of AI, computing power has become the "oil" of the new era.
As the Bitcoin "halving" leads to a reduction in mining rewards, an increasing number of mining companies are seeking new paths for survival, with AI becoming the direction for their transformation.
Last week, global technology giant $Alphabet-C(GOOG.US)$ entered into a partnership with Bitcoin mining company $TeraWulf(WULF.US)$ and acquired an 8% stake in TeraWulf. Following the announcement, TeraWulf's stock price soared by 59% in a single day. The collaboration between TeraWulf and Google further solidifies this mining company's transition towards the AI industry.
Cryptocurrency mining companies are increasingly embracing AI.
Currently, a clearer roadmap is emerging for cryptocurrency mining companies: repurposing mining facilities previously dedicated to Bitcoin mining to deploy AI servers. In fact, many miners have been retrofitting their large facilities in recent years to meet the demands of market transformation.
Among them, the most successful is none other than "NVIDIA's favored child" $CoreWeave(CRWV.US)$ Originally, this company was a cryptocurrency mining operator, but in 2018 it decisively transformed and has now become a "supernova" in the AI computing industry.
In addition to CoreWeave, several mining companies are also undergoing transformations.
In August 2025, a Bitcoin mining company $MARA Holdings(MARA.US)$ plans to acquire a controlling stake in a French power subsidiary for $168 million. This move marks the attempt of this mining giant to enter the artificial intelligence sector as an infrastructure provider.
In July 2025, CoreWeave announced a statement agreeing to acquire $Core Scientific(CORZ.US)$ for a total stock transaction valued at approximately $9 billion, with the aim of expanding its data center capacity. CoreWeave stated that the transaction is expected to be completed in the fourth quarter.
In March 2025, $Galaxy Digital(GLXY.US)$ announced on Friday that it has reached a 15-year AI computing lease agreement with CoreWeave, whereby Galaxy will provide 133 megawatts of critical IT load, utilizing a total power capacity of 200 megawatts to host CoreWeave's AI and high-performance computing infrastructure at the Helios data center campus in West Texas.
In January 2025, $Riot Platforms(RIOT.US)$ suspended its expansion plan for the 600-megawatt Bitcoin mining facility located in Corsicana and began reselling the facility to large-scale data centers and artificial intelligence companies.
On June 25, 2024, cryptocurrency mining company $Hut 8(HUT.US)$ its subsidiary Highrise AI secured a $150 million investment from hedge fund Coatue to build AI-related infrastructure.
In 2023, $Hive Blockchain(HIVE.US)$ announced that part of its computing resources would be allocated to AI.
Morgan Stanley indicated that as AI technology develops, the demand for electricity is increasing sharply, and the energy infrastructure originally intended for Bitcoin mining can be transformed into valuable assets supporting AI data centers. This conversion not only enhances the economic efficiency of these sites but also reduces the time and costs associated with building new data centers.
In fact, the transition of mining companies to AI data centers has its unique advantages, specifically:
1. Advantages of Power Costs
The power supply system for mining operations can be directly reused, and the electricity purchase price for mining companies is significantly lower than the market purchase price for data centers.
2. Ready-made Infrastructure
High Efficiency: A newly constructed HPC data center requires 3-5 years, while the waiting period for grid connection can be as long as 6 years; existing facilities of mining companies can be activated immediately.
Low Cost: The construction cost of AI data centers exceeds $10 million per megawatt, while the retrofit of mining operations only requires $300,000 to $500,000 per megawatt. Mining companies have secured low-priced electricity agreements in regions such as Texas and North Dakota and possess the capacity for energy expansion.
Who has the potential to become the next CoreWeave?
Currently, these miners aspire to emulate the success story of CoreWeave. CoreWeave's revenue has doubled year-on-year to $1.21 billion, with a valuation reaching $48 billion.
Specifically:
The cryptocurrency mining and AI infrastructure company IREN has achieved its mid-year Bitcoin mining capacity target of 50 EH/s, according to the latest monthly update, while expanding its AI cloud business with approximately 2,400 NVIDIA Blackwell GPUs.
In July, the company's AI cloud service division continued to grow, reaching revenues of $2.3 million, a 4% increase month-on-month, with hardware profits amounting to $2.3 million and a profit margin of 98%.
The company previously emphasized that the Blackwell architecture has brought significant improvements in performance and efficiency, making IREN one of the first cloud service providers to offer next-generation computing power in a constrained supply market.
Additionally, IREN has previously noted that its Prince George facility has 50 MW of dedicated power, which can ultimately accommodate over 20,000 Blackwell GPUs, providing a clear pathway for phased growth. The company is also evaluating various financing options to support the growth of its AI cloud services. Notably, the company's stock price has doubled this year.
Applied Digital, a name familiar to many, is one of NVIDIA's holdings. Applied Digital is among the first miners to pivot towards building HPC data centers.
Originally focused on cryptocurrency mining infrastructure, APLD has shifted its direction to the AI and high-performance computing (HPC) sectors since 2022, primarily building large data centers to provide computational support for AI and cloud computing companies.
Previously, APLD announced the signing of two contracts with CoreWeave worth up to $7 billion, with a duration of 15 years. This represents the largest transaction in APLD's history and is a rare long-term contract in the entire AI data center industry.
In August 2025, Google supported the acquisition of an 8% stake in the Bitcoin mining company TeraWulf (WULF.US) with $1.8 billion in funding and a $3.7 billion contract guarantee, securing 41 million warrants, marking a significant event in the integration of cryptocurrency and AI.
TeraWulf is a cryptocurrency mining company that is transitioning from Bitcoin mining to an HPC service provider, leveraging its Lake Mariner data center in New York (equipped with a 345kV power transmission network, closed-loop water cooling systems, and ultra-low latency fiber optic networks). It has signed a ten-year agreement with the AI cloud platform Fluidstack to provide a 200 megawatt (200MW) AI computing power agreement. If renewed, the total contract value will reach $8.7 billion.
Google's entry not only provides capital support to TeraWulf but also validates the strategic value of its 'zero-carbon energy-driven AI infrastructure' strategy, signifying a fundamental shift in the mining business model from dependence on price volatility to stable computing power services.
At the beginning of this year, Cipher Mining's CEO outlined the company's strategic transformation from Bitcoin mining to data center development.
It is noteworthy that Cipher Mining received a $50 million investment from SoftBank, which will purchase approximately 10.4 million shares of the Bitcoin miner's common stock. This financing was conducted through a public equity investment, and the funds will be used to support Cipher's high-performance computing (HPC) and AI data center infrastructure development.
In 2023, Bit Digital announced the launch of Bit Digital AI. Bit Digital AI is a new business line that will provide professional infrastructure to support generative artificial intelligence (AI) workflows.
According to the latest news, Bit Digital plans to abandon Bitcoin mining and transform into a company focused on 'pure Ethereum staking and reserves.' The HPC business under Bit Digital primarily operates under the brand $WhiteFiber(WYFI.US)$ and runs GPU cloud services and the Enovum platform, among other data center services.
The company has also recently gone public on the US stock market, with the proceeds from this listing primarily aimed at expanding high-performance computing infrastructure and developing next-generation liquid cooling technology, indicating that the construction of AI computing infrastructure is accelerating.
The company currently operates two data centers with a total power capacity of 48 megawatts. By 2026, a new facility in Virginia is expected to become operational, adding 100 megawatts of computing power. The prospectus indicates that the company's revenue for the fiscal year 2024 will reach $120 million, a year-on-year increase of 210%, with net losses narrowing to $18 million. This financial performance also validates the significant potential of the AI data center industry.
Riot began exploring AI and high-performance computing (HPC) business at the beginning of 2025, officially initiating an assessment to transform its Corsicana facility in Texas, with a capacity of up to 600 megawatts, into high-performance infrastructure. This strategic transformation has also led to the suspension of further expansion plans for Bitcoin mining at the site. Although Riot has not yet signed any significant AI contracts, its Corsicana facility spans 355 acres and has the potential to support up to 1 gigawatt of power, making it attractive to hyperscale customers.
CEO Jason Les stated, "We will continue to expand our land reserves to ensure that the Corsicana facility supports the demand for AI data centers."
Notably, at the beginning of June, the company announced the appointment of Jonathan Gibbs as its Chief Data Officer. Jonathan Gibbs has over 15 years of experience in the design and construction of large data centers, with a past portfolio that includes over one thousand megawatts of capacity across North America, Europe, and Asia.
Hut 8's AI strategy enters a substantive phase in September 2024, as the company formally launches its GPU-as-a-Service business through the newly established subsidiary Highrise AI.
Post-transformation, Hut 8 has deployed over 1,000 NVIDIA H100 GPUs—these specialized chips are widely used for AI model training and inference, supporting its cloud-based AI computing services. This initiative is accompanied by a five-year agreement that includes fixed payments and revenue sharing.
In March 2024, MARA launched the MARA 2PIC700, an immersion cooling system designed for high-density computing, including AI and cryptocurrency mining. By mid-2024, the company will reposition its overall strategy towards an "edge computing" framework.
At the beginning of 2025, MARA initiated two high-performance computing pilot sites, each utilizing the 2PIC700 cooling system, with an approximate power capacity of 30 megawatts per site.
Galaxy Digital has signed a 15-year lease agreement with cloud computing company CoreWeave to provide 133 megawatts of power for its Helios data center located in Texas, with projected revenues of approximately $4.5 billion from this lease agreement. This initiative not only demonstrates Galaxy Digital's strong capabilities in the digital asset sector but also lays a solid foundation for its future market expansion.
Analysis indicates that Galaxy's acquisition of the Helios data center was originally a contingency measure during the crypto winter; however, following the explosion in AI demand, this asset has become a key growth engine. Rittenhouse anticipates that Helios will generate $1.7 billion in EBITDA and $32 billion in equity value, far exceeding the volatility and high investments associated with mining operations.
Since mid-2023, Hive has officially transformed from Hive Blockchain and focused on NVIDIA computing clusters to establish its presence in the AI sector.
After conducting small-scale pilot projects, Hive invested $30 million in December 2024 to deploy GPUs in Quebec, Canada. By mid-2025, over 5,000 units had been deployed.
In fiscal year 2025, Hive achieved total revenues of $115.3 million, with the AI and high-performance computing (HPC) hosting business contributing $10.1 million—three times that of the same period last year, currently accounting for nearly 9% of total revenue. Hive aims to achieve $100 million in AI revenue by 2026.
HIVE recently announced the acquisition of a 7.2 megawatt data center located in Toronto, Canada. HIVE plans to transform it into a Tier 3 data center for its subsidiary BUZZ HPC, capable of accommodating up to 5,000 next-generation liquid-cooled GPUs. This move is explicitly aimed at meeting the demands of AI model training and inference.
Craig Tavares, President of BUZZ HPC, emphasized the strategic importance of establishing "sovereign AI data centers" to ensure data residency and security in Canada. This aligns with the global trend of countries competing to build domestic AI infrastructure.
For HIVE, which started as a cryptocurrency mining enterprise, this represents a significant step towards evolving into a diversified AI and cloud service provider, creating a new narrative for investors that is less dependent on daily fluctuations in cryptocurrency prices.
At the beginning of the year, Bitfarms announced a strategic partnership with Appleby Strategy Group (ASG) and World Wide Technology (WWT). According to GlobeNewswire, this collaboration aims to conduct a comprehensive feasibility analysis of Bitfarms' high-performance computing (HPC) and artificial intelligence (AI) applications in North America.
$Bitdeer Technologies(BTDR.US)$
On November 10, 2023, Bitdeer entered into a partnership agreement with American chip giant NVIDIA, becoming the first Cloud Service Provider (CSP) in Asia to offer DGX H100 SuperPOD cloud services.
Bitdeer will enjoy priority supply rights from NVIDIA, providing GPU cloud services for the development and training of AI models. This announcement was made at a press conference in NVIDIA's Singapore office, highlighting Bitdeer's commitment to the title of "NVIDIA Partner."
Bitdeer's AI development roadmap includes infrastructure construction, cloud platforms, software support, and application APIs. Through collaboration with NVIDIA, Bitdeer will continuously invest in infrastructure such as GPUs, DGX, and SuperPod, while launching services including cloud computing platforms, AI training and inference platforms, AI software tools, and application programming interfaces to provide comprehensive support for artificial intelligence development.
Overall, the core logic behind mining companies' transformation towards AI/HPC is to achieve diversification of revenue structure. CoreWeave and TeraWulf have validated the capital market's valuation premium for computing power service providers; however, whether the advantages of infrastructure can be transformed into sustained profitability will become a critical watershed for companies navigating industry cycles.
